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LUKOIL and Gazprom Neft created a JV to develop a major oil & gas cluster in the the Yamal-Nenets region

All areas currently undergo additional appraisal and pilot works, on which basis a development strategy for the cluster will be developed

LUKOIL and Gazprom Neft created a JV to develop a major oil & gas cluster in the the Yamal-Nenets region

Source: Gazprom

St.Petersburg, September 16 - Neftegaz.RU. Today, LUKOIL and Gazprom Neft agreed to create a joint venture to develop a major oil & gas cluster in the Nadym-Pur-Tazovsky area of the Yamal-Nenets Autonomous District.

The document was signed by Vagit Alekperov, President of LUKOIL, and Alexander Dyukov, CEO of Gazprom Neft, in presence of Alexey Miller, Gazprom´s CEO. ​
The JV will be created through Gazprom Neft subsidiary Meretoyakhaneftegaz.
A.Miller noted:
  • Our job is to bring hydrocarbon reserves - with complex geology in the Polar Circle - into development effectively
  • Our 2 companies joining forces will mean we can bring the very best technical solutions to bear here
  • I should also highlight that establishing this JV will support the further development the Gazprom’s strategic partnership with LUKOIL
The Tazovskoye oil & gas condensate field, which was put on-stream this June, will be at heart of the new production area.
The venture is also to develop the Severo-Samburgskoye and Meretoyakhinskoye fields, as well as 2 Zapadno-Yubileiny license blocks.
Total reserves initially in place at this new cluster stand at over a billion tonnes of oil and about 500 bcm of gas.

V. Alekperov, commented:
  • The company is interested in increasing its investment both into upstream and downstream projects in Russia
  • We are actively developing new fields in West Siberia, Timan-Pechora, the Caspian and Baltic Seas, as well as in other Russian regions
  • We also keep implementing selective deep conversion projects at our refineries in Russia
  • Gazprom and Gazprom Neft has been our strategic partners for many years
  • Together, we can combine the best Russian technologies to develop this new massive hydrocarbon cluster in the region we consider strategic – the Yamal-Nenets region
A.Dyukov said:
  • Developing those fields covered by our JV with LUKOIL is a critical task – for our entire industry
  • This jJV, bringing together our financial and technological resources, will see us working on developing hard-to-recover reserves, including producing oil from Achimovsky strata
  • This, in turn, will create new jobs – and extra tax revenues – at every level, as well as facilitating further technological development, for both our company and the entire wider ecosystem of contractors and equipment producers
Meretoyakhaneftegaz is the 1st asset to be managed by LUKOIL and Gazprom Neft on a parity (50:50) basis.
Over the next few months, the parties plan to prepare detailed binding documents on establishing the JV, as well to secure all necessary corporate and regulatory approvals.

To read the news in Russian

Author: Anna Ignatjeva

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